A report on companies working on the metaverse

Over the course of a year, the number of companies working on the metaverse has grown from 200 in July 2021 to over 500 today. This is according to a report by market researcher Newzoo on the metaverse.

A year ago, many people could presumably say they had never heard of the metaverse. But following the pandemic, we saw an explosion in demand for virtual living. And today, just about every major tech company, brand, influencer, and game company get involved in the metaverse. According to Dutch market researcher Newzoo, more than 500 companies are building the metaverse.

The Newzoo report indicates that the in-store digital shopping sessions will likely become more realistic and mainstream as XR and VR technologies evolve. Mihai Vicolhead of metaverse at Newzoo, said interest in the technology is growing as natural successor to the Internet Web2.

Newzoo explained that the transition from Web2 to Web3 decentralize the technological economy. And that will change the how brands interact with users and technological intermediaries. The same is true for how consumers live, work and experience entertainment.

According to Mihai Vicol, the evolution of simulated 3D worlds presents a huge opportunity for brands, with a transition from diffuse physical spaces to virtual worlds. It gives them a chance to reach a mass of hard-to-reach users through other forms of advertising.

Newzoo remains optimistic about the success of the best NFT projects

In 2021, NFTs have become a multi-billion dollar market. But they suffered a crash alongside the cryptocurrency market, due to fears of a global recession. Coin valuations and public interest have decreased in recent months. But Newzoo remains optimistic about the success of the best projects. The report examines the major trends in the metaverse and blockchain space.

blockchain

The report also notes that the industry has not agreed on a single metaverse definition. Epic Games CEO Tim Sweeney called it a real-time 3D social media where people can create and engage in shared experiences as equal participants in a societal impact economy. Newzoo describes it more as un interconnected and interoperable network of persistent virtual worldspopulated by a large number of players who interact with each other through 3D digital avatars.

Metaverse, Blockchain and Cryptocurrency

Newzoo’s metaverse head thinks blockchain games will only grow when the best developers launch entertaining high-end games. If they want to succeed, games must find a new utility for NFTs. Only then will they appeal beyond crypto investors and attract traditional players. Collectible card games such as Gods Unchained may have found the right utility for NFTs, according to Vicol.

” You must have a sustainable ecosystem. And in 90% of crypto games, I don’t think that’s been the case,” Vicol said. ” I believe that sustainable blockchain-based economies can be built in six months or maybe two years. But we are not there yet “.

cryptocurrencies

It is also not clear whether the metaverse also needs cryptocurrency to succeed. Gabby Dizon, CEO of Yield Guild Games, predicts that we will have 10 million crypto wallets this year. However, the crypto is facing challenges, with Bitcoin falling to less than half of its recent value.

The future of the metaverse is not necessarily linked to the success of blockchain games

Vicol didn’t say when he expects blockchain games and the metaverse to hit the mainstream.

“The real question is whether if people will actually play these games said Newzoo’s metaverse manager. “It is still too early to tell. You can throw billions and billions into the industry. And you might get at least a few decent games that will be played by millions of players…I really don’t think the future of metaverse is necessarily linked to the success of blockchain games”.

He added: “It is an ongoing question whether or not you need a blockchain to create an open metaverse. There are people on both sides of the argument. But I think titles like Roblox or Fortnite have shown that you don’t need blockchain “.

Blockchain

Vicol thinks it is necessary shared standards for the metaverse to get the whole platform off the ground. It sees brands getting into virtual real estate and virtual world applications such as Decentraland and The Sandbox. These worlds don’t have many users, but they are also at a very early stage of development.

Newzoo did not make its own prediction for the income associated with the metaverse or its possible value. “So we don’t have any metaverse revenue estimates yet, but we are looking at potentially creating the estimates,” he explained.

Leave a Reply

Your email address will not be published.